Chicago Illinois Non-Disturbance, Attornment, Estoppel & Subordination Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• City: Chicago
• Control #: US-OG-1053
• Format: Word; Rich Text

Description

This form is a nondisturbance, attornment, estoppel and subordination agreement. A Chicago Illinois Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document entered into between a tenant, a landlord, and a lender, typically in the context of a commercial lease. This agreement aims to protect the tenant's rights and ensure their leasehold interest in a property is not disturbed in the event of foreclosure or other actions taken by the lender. Keywords: Chicago Illinois, Non-Disturbance, Attornment, Estoppel, Subordination Agreement, tenant, landlord, lender, commercial lease, leasehold interest, foreclosure. The purpose of a Chicago Illinois Non-Disturbance, Attornment, Estoppel & Subordination Agreement is to provide the tenant with certain protection and rights in the event of a default or foreclosure by the landlord. By entering into this agreement, the tenant and the lender establish a direct relationship, known as attornment, in which the tenant agrees to acknowledge the lender as the new landlord in the event of foreclosure. The lender, on the other hand, agrees not to disturb the tenant's rights under the lease as long as the tenant complies with its terms. This agreement also includes an estoppel provision, which is a statement by the tenant certifying specific details about the lease, such as the amount of rent, lease term, and any outstanding defaults or obligations. This certificate is typically used by the lender to ensure they have the correct and up-to-date information about the lease's status. Moreover, the subordination aspect of the agreement allows the lender to have priority over the tenant's interest in the property. In other words, if the lender forecloses on the property, the tenant's leasehold interest would be subject to the lender's mortgage or lien. This means that the lender has the right to terminate the lease, but the non-disturbance provision ensures that the lender will respect the tenant's rights as long as the tenant is not in default of the lease. Different types of Non-Disturbance, Attornment, Estoppel & Subordination Agreements may vary depending on the specific terms negotiated between the tenant, landlord, and lender. For example, the agreement can be customized to include provisions related to specific circumstances, such as changes in ownership or refinancing. It is essential for all parties involved to carefully review and negotiate the terms of the agreement to ensure it meets their needs and protects their rights. Overall, a Chicago Illinois Non-Disturbance, Attornment, Estoppel & Subordination Agreement provides tenants with peace of mind, ensuring that their leasehold rights are protected even if the landlord faces financial difficulties or foreclosure. It creates a direct relationship between the tenant and the lender, establishing certain obligations and rights for each party. By understanding these agreements and seeking legal advice if needed, tenants can safeguard their interests in the event of unforeseen circumstances.

A Chicago Illinois Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document entered into between a tenant, a landlord, and a lender, typically in the context of a commercial lease. This agreement aims to protect the tenant's rights and ensure their leasehold interest in a property is not disturbed in the event of foreclosure or other actions taken by the lender. Keywords: Chicago Illinois, Non-Disturbance, Attornment, Estoppel, Subordination Agreement, tenant, landlord, lender, commercial lease, leasehold interest, foreclosure. The purpose of a Chicago Illinois Non-Disturbance, Attornment, Estoppel & Subordination Agreement is to provide the tenant with certain protection and rights in the event of a default or foreclosure by the landlord. By entering into this agreement, the tenant and the lender establish a direct relationship, known as attornment, in which the tenant agrees to acknowledge the lender as the new landlord in the event of foreclosure. The lender, on the other hand, agrees not to disturb the tenant's rights under the lease as long as the tenant complies with its terms. This agreement also includes an estoppel provision, which is a statement by the tenant certifying specific details about the lease, such as the amount of rent, lease term, and any outstanding defaults or obligations. This certificate is typically used by the lender to ensure they have the correct and up-to-date information about the lease's status. Moreover, the subordination aspect of the agreement allows the lender to have priority over the tenant's interest in the property. In other words, if the lender forecloses on the property, the tenant's leasehold interest would be subject to the lender's mortgage or lien. This means that the lender has the right to terminate the lease, but the non-disturbance provision ensures that the lender will respect the tenant's rights as long as the tenant is not in default of the lease. Different types of Non-Disturbance, Attornment, Estoppel & Subordination Agreements may vary depending on the specific terms negotiated between the tenant, landlord, and lender. For example, the agreement can be customized to include provisions related to specific circumstances, such as changes in ownership or refinancing. It is essential for all parties involved to carefully review and negotiate the terms of the agreement to ensure it meets their needs and protects their rights. Overall, a Chicago Illinois Non-Disturbance, Attornment, Estoppel & Subordination Agreement provides tenants with peace of mind, ensuring that their leasehold rights are protected even if the landlord faces financial difficulties or foreclosure. It creates a direct relationship between the tenant and the lender, establishing certain obligations and rights for each party. By understanding these agreements and seeking legal advice if needed, tenants can safeguard their interests in the event of unforeseen circumstances.